Vascon has signed a Subscription cum shareholders Agreement with Ascent Hotels to subscribe to 67,26,394 Optionally Convertible Redeemable Debentures (OCRD) amounting to Rs. 30.42 crore with an option to convert into equity shares of equal numbers. The OCRD's shall be converted into 9618743 shares as and when Ascent Hotels achieves an EBITA of Rs. 70 crores.
This transaction does not fall under the preview of Related Party Transaction.